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On July 4, 2022, Mr. Nelson resigned his position as CEO of the Company, and concurrently Mr. Nelson and the Company mutually terminated Mr. Nelson’s employment agreement and entered into a consulting agreement (“Consulting Agreement”) dated July 4, 2022 with Mr. Nelson’s private company, Sibling Rivalries Inc. (the “Consultant”). The Consulting Agreement has a term of 24 months and provides for a monthly payment of $25,000 to the Consultant. The Company or Consultant may terminate the Consulting Agreement at any time by providing three (3) months advance notice. If the Consulting Agreement is terminated by the Company, the Consultant is entitled to the greater of (a) all fees earned up to the effective date of termination or (b) $300,000. Wonder what he is doing for 25 k monthly? Setting up his own private company that he wants to list towards the end of 2023?
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